India Market Monitor Q3 2025

The third quarter of CY 2025 (July to September) witnessed a continuation of the positive trajectory observed in India's real estate market. The following key trends witnessed during the quarter highlight the overall sector's fundamental resilience and growth potential.

Office: India’s office real estate market sustained its growth momentum in Q3 2025, primarily fuelled by continued expansion from domestic corporates and global firms scaling their global capability centre (GCC) operations. Leasing activity touched 19.9 million sq. ft. during the quarter, propelling the year-to-date office absorption to 59.6 million sq. ft.—the highest level ever recorded for the first nine months of the year. Furthermore, new development completions were registered at 13.6 million sq. ft. in Q3 2025.

Industrial & Logistics: The I&L real estate sector witnessed a notable growth in leasing activity, registering a 28% Y-o-Y increase in space take-up during the first nine months of 2025. Third-party logistics (3PL) and e-commerce companies continued to play a leading role in strengthening warehousing space absorption across cities.

Retail: The country’s retail market witnessed significant supply addition in the first nine months of 2025, as about 2.2 million sq. ft. of new mall space became operational during this period. Fashion and apparel brands dominated the leasing activity, contributing ~57% in total space take-up in Q3 2025.